Starbucks plans to add 3,000 stores in the next five years, with at least half the new locations in the United States.
The company said Wednesday the new stores will expand its existing global network of 18,000 stores. Starbucks also plans to renovate many of its existing stores.
The additions will lead to a 13% increase in the number of U.S. stores by 2017. Starbucks had 11,100 stores in the United States as of October, according to its annual report.
The coffee chain also has big plans for China, where it plans to more than double the number of stores to 1,500 in 70 cities by 2015. Currently, there are 700 Starbucks stores in China.
The expansion in China will greatly add to Starbucks' presence in the Asia-Pacific region. By the end of 2013, Starbucks hopes to have a total of 4,000 stores there, including 1,000 in Japan, 500 in Korea and its first store in Vietnam.
Starbucks made the announcement at a conference for investors. Shares of Starbucks (Fortune 500) were down following the announcement. ,
Last month Starbucks announced a $620 million acquisition of Teavana Holdings (, which it said will give it greater presence in the $40 billion global tea market . The deal is expected to close by the end of this year. )
Starbucks also announced a new premium gift card to be available on Dec. 7, which will cost $450. The card entitles the holder to $400 of Starbucks credit, valid for drinks, food, and merchandise.
Holders can also avail of extras such as a free birthday drink, a free drink or food item after 12 drinks, and free refills on brewed coffee or tea. The card is available only through Gilt.com, and not at Starbucks stores.
|AT&T cuts prices again|
|Can Fox's reboot of 'Cosmos' find an audience?|
|Winners and losers of the bull market|
|The medical marijuana ad that never aired, despite contrary media headlines|
|Bitcoin matters. Ignore the media circus.|